Graduate PLUS Loans

Federal Graduate PLUS Loans are available to graduate/professional students enrolled half-time with a good credit history to help pay for educational expenses.

The Federal Direct PLUS Loan is offered under the U.S. Department of Education's Federal Direct Loan program. The U.S. Department of Education the lender for this type of loan.

The Graduate PLUS Loan can be used to assist with a student's educational expenses that are not covered by other financial aid. The Graduate PLUS Loan requires a separate application process through www.studentloans.gov. The student applying must not have adverse credit history or defaulted/discharged student loans. If credit is not approved, students may obtain an endorser with good credit or appeal the decision by documenting extenuating circumstances.

Washburn University provides estimated Graduate PLUS Loans as part of graduate and law students' award offers. The amount included in the award offer is not guaranteed but is meant to reflect the maximum amount a student could receive in the Graduate PLUS Loan, if they choose to apply and are approved for this loan. Students are not required to request the full amount reflected on the award offer and can enter a smaller amount in the application process.

All loan funds are disbursed in two equal amounts. Funds are disbursed prior to the beginning of the semester and after the midpoint of the semester if the student is attending for one semester only. Loan funds are first applied to charges on the student's account. If the amount of the PLUS Loan exceeds the student's remaining balance at Washburn University, a refund will be issued.

Interest Rate and Loan Fees

The interest rate for the PLUS loan is fixed at 6.31%. The PLUS Loan is also subject to a 4.276% loan fee. This fee is proportionately deducted from the loan each time a disbursement is made. Due to the fact that the Graduate PLUS Loan does carry a higher interest rate and loan origination fee than the Federal Direct Unsubsidized Loans, we encourage students to utilize those loans first before determining if a Graduate PLUS Loan is needed.

Estimated PLUS Loan Amount

The estimated Graduate PLUS Loan amount provided in the student's financial aid award offer is determined by subtracting all other financial aid, scholarships and resources offered to the student from their total Cost of Attendance. The Cost of Attendance is not necessarily what a student will pay to go to school, but an estimate of the direct and indirect costs a student may experience for one academic year.

Example

Cost of Attendance

$24,063

Less Federal Unsubsidized Loan

-20,500

Estimated Graduate PLUS Loan

$3,563

Loan Repayment

Loan repayment for Graduate PLUS Loans begins six-months after the student has graduated or ceases enrollment on a half-time basis (5 or more credit hours).

The six-month grace period can only be used one-time. Thus, if a student enters repayment after the six-month grace period and later returns to school, once the student graduates or drops below half-time enrollment, they will immediately go into repayment. Similarly, if a student withdraws, uses four months of their grace period and later returns to school, once they graduate or drop below half-time enrollment, they will only have two months of a grace period remaining. The summer semester does not count against the grace period, unless the student is enrolled for summer and withdraws or drops below half-time during that semester, or is enrolled half-time for spring, does not attend summer, and does not return to school on a half-time basis for the fall semester.

What's an Ichabod?

Washburn's mascot, the Ichabod, honors the school's early benefactor, Ichabod Washburn, a 19th century Massachusetts industrialist. The original design of the studious-looking, tuxedo-clad figure was created in 1938 by Bradbury Thompson (ba '34), who became an internationally acclaimed graphic artist. Design wasn't Thompson's only consideration. To the stylized Ichabod the artist attributed the qualities of "...courage and enthusiasm, as shown by his brisk walk. He is democratic and courteous, for he tips his hat as he passes. Sincere in his search for truth and knowledge, he studiously carries a book under his arm..."